Alabama-based B&M Management has acquired the newly built Solara apartment complex in Lake Mary, Fla. about 20 minutes north of Orlando. Built in 2014 on a 10 acre site, the complex on Solara Circle has 272 units. At the time of closing the property was 93 percent leased. Terms of the transaction were not disclosed.
“The property was only 70 percent occupied when we presented it to the market,” says Patrick Dufor, executive managing director at ARA Newmark. “However, with a strong leasing trend and increasing rents, the seller was able to realize a full market price while the buyer will receive a fully stabilized asset at closing. Marketing assets during lease-up provide a win-win scenario for buyer and seller.”
